In a large skillet over medium heat, brown the ground beef until fully cooked, breaking it apart as it cooks. Drain any excess fat.
Add the diced tomatoes with green chilies (including the liquid) to the skillet with the cooked beef. Stir to combine.
Reduce the heat to low and add the softened cream cheese, stirring until melted and fully incorporated.
Stir in the shredded cheddar and Monterey Jack cheeses until melted and creamy.
Season with garlic powder, onion powder, chili powder, salt, and pepper. Mix well to combine all ingredients.
Serve warm with tortilla chips for dipping.